$999 iPhone isn't tempting people to abandon their current phone

Analyst firm Piper Jaffray surveyed 1,500 iPhone users to find out why they chose not to upgrade to the iPhone X.

More than 40% of users said they didn't upgrade because their current iPhone still works well.

Price was also a factor — 31% of respondents felt the iPhone X was too expensive.

People might not upgrading to Apple's super-premium iPhone X for a simple reason: they don't need it.

That's according to new research from analyst firm Piper Jaffray, which surveyed 1,500 iPhone users about why they chose not to upgrade to Apple's latest device, which comes with a price starting at $999.

The survey found that the main reason people weren't upgrading was because their current device works just fine.

Out of all 1,500 respondents, 44% of them said their current iPhone is in good working order and they didn't need an upgraded device. Price also played a role, however — 31% of respondents said the iPhone X was too expensive.

Piper Jaffray's findings are in line with research recently published by Asymco analyst Horace Dediu, who found that the average lifespan of an Apple device is around four years and three months. While the common thinking is that customers tend to upgrade their devices about every two years, it seems users are more satisfied than ever with their existing Apple devices.

These findings may help explain the reportedly low demand for the iPhone X. Multiple reports in January suggested that Apple had halved its first-quarter production target to 20 million iPhone X devices after demand for the device was lower than it had anticipated.